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XG Technology, Inc. Announces Pricing Of Public Offering Of Common Stock

SARASOTA, Fla., April 16, 2014 /PRNewswire/ -- xG Technology, Inc. (Nasdaq: XGTI) ("xG" or the "Company"), a developer of a portfolio of wireless communications technologies, including cognitive radio networks, today announced the pricing of an underwritten public offering of 5,265,000 shares of common stock at a public offering price of $1.90 per share. The Company expects to receive approximately $10,000,000 in gross proceeds, before underwriting discounts and commissions and offering expenses payable by the Company. The Company has granted the representative of the underwriters a 45-day option to purchase up to 789,750 additional shares of common stock.

The Company intends to use the net proceeds received from the offering for general corporate purposes, including working capital, product development and fulfillment, marketing activities, expansion of internal sales organization, further development of sales channels, finalizing the transition to contract manufacturing production lines, and other capital expenditures.

The offering is expected to close on April 22, 2014, subject to customary closing conditions.

Roth Capital Partners is acting as sole book-running manager, and Feltl & Company is acting as co-manager for the offering.

A registration statement on Form S-1 relating to the shares was filed with the Securities and Exchange Commission and is effective. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC's web site at http://www.sec.gov. Copies of the final prospectus relating to the offering, when available, may be obtained from the offices of Roth Capital Partners, Prospectus Department, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147 or email: rothecm@roth.com, or from the above-mentioned SEC website.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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